ConocoPhillips (COP.N) will split itself into two by spinning off its refining arm, the third-largest U.S. oil company said on Thursday, sending its shares up more than 7 percent. With the move, ConocoPhillips becomes the first of the so-called super majors to shift away from the strategy that led the industry to consolidate into a handful of players with global reach in the oil and gas production and oil products businesses. The move comes just two weeks after smaller peer Marathon Oil Co (MRO.N) spun off its refining arm into Marathon Petroleum Corp (MPC.N), and analysts said it could help close a valuation gap with other energy companies. The "logic of the split makes sense," analysts at Houston energy investment bank Tudor, Pickering, Holt & Co said in a note to investors.
Shares of COP remained unchanged at $74.40. In the past year, the shares have traded as low as $48.06 and as high as $81.80. On average, 8350620 shares of COP exchange hands on a given day and today's volume is recorded at 3249327.
Shares of MRO remained unchanged at $31.71. In the past year, the shares have traded as low as $30.04 and as high as $54.33. On average, 7816050 shares of MRO exchange hands on a given day and today's volume is recorded at 2139.
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